In search of sustainable paths for the eurozone in the troubled post-2008 world
研究了欧元区国家因欧元高估或低估而面临的成本与收益，评估了金融联邦制和预算联邦制两种调整方案，指出基于长期投资计划的预算联邦制更可能实现可持续性，多速欧洲可作为备选方案。
The diversity in the eurozone has costs and advantages, respectively, for countries whether they are confronted with an overvalued or undervalued euro. Rough estimations of these costs and benefits help to assess the adjustments that could lead to a sustainable eurozone. A purely financial type of federalism, set up under the pressure of financial markets, risks falling short of the objective. A budgetary federalism, if it is based on long-term investment programmes with an enlarged political support, is more likely to meet the objective. A scheme of multispeed Europe could constitute a fallback solution if the political support for a budgetary federalism is not attained. Copyright , Oxford University Press.